Moving into Comox Valley real estate can pose some questions for homeowners. Many of these questions are often asked by first time buyers and sellers. Having all the information can make dealing with a real estate transaction much easier. This is why we created a list of 10 frequently asked questions. Read below to gain a better understanding of buying and selling real estate in Comox Valley, BC.
What is An Escrow?
In relation to buying a home, an escrow is a legal holding account owned by a neutral body to ensure that pre-settled requirements are met. Inside this account would be things like money from your down payment, any deposits made towards the purchase, the deed to the house, and other important documents to be passed to the new owner. In essence, an escrow is just a transitional piece to ensure the transaction goes smoothly between buyer and seller.
What’s a Buyer’s Market?
A buyer’s market is indicated by fewer buyers than homes for sale. The large supply of houses in a buyer’s market makes it easier for people to negotiate. They may also find homes are priced lower and undergo significant reductions from sitting on the market. Talk with your agent about the current market conditions, as they will greatly affect the success of your home buying experience.
What’s a Seller’s Market?
A seller’s market is defined by more buyers than homes for sale. If you find yourself looking for Comox Valley real estate in a seller’s market you may notice higher prices. This is because of the high demand and little supply. Buyer’s have a much harder time finding what they want and negotiating when the market is like this.
Do I need A home Inspection on my Comox Valley real estate?
Getting a home inspection is a very important step of buying Comox Valley real estate. By receiving an assessment of the home you can prevent yourself from buying a poor investment. It may also save you money on repairs and help you to further bring down the asking price if there are significant issues.
What’s the first step in buying Comox Valley real estate?
The first step to buying any home is to receive a mortgage pre-approval. This will ensure that you view homes that you can afford and make getting a loan much easier when the time comes to make a purchase. It will also give you a chance to view potential rates for your future mortgage. While this doesn’t guarantee you will receive a specific rate, it’s a good starting point.
How much is my down payment on Comox Valley real estate?
In Canada, your down payment is determined by the price of the home in which you buy and how good or bad your credit score is. For homes 500,000 and below, you can expect to put at least 5% down. Houses between 500,000 and 999,999, require buyers to put a minimum 10% down. And, for a home 1,000,000+ homeowners will need to set aside 20%. These values are the minimum acceptable in Canada and people may need to fork out a larger payment if they have poor credit.
How many properties should I view?
The amount of properties you view is completely up to you. The more you see, the more likely you are to find the best home for you. Comox Valley real estate has lots of options for every buyer, so searching around is a good idea. For some, finding a home will be a matter of viewing 3 houses and for others it could take 8 or more. Buying a house is a big decision and its important to find one that fits your needs.
Do I need an agent?
You do not need an agent, however, it is very helpful to have the expertise of a REALTOR. While you can buy a home without their help, you might not get the best deal. An agent has specific resources, tools, connections and more to help you find your dream home. They’re also super negotiators and extremely useful when it comes to sorting through purchase contracts and other legal documents.
For more information on buying Comox Valley real estate contact us today! Someone at our brokerage would be happy to help answer any questions you may have. If you’re interested in one of our listings or would like to view a property, feel free to reach out. We are excited to help you find the home of your dreams! Be sure to check out our social media for the latest updates and more 🙂